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Today's Prices (Bookmark Channel 14 for the latest updates on your smart phone)  

CME LIVESTOCK:   Live Cattle: $136.00 (+0.125); Feeder Cattle: $165.825 (+0.975) Hogs: $73.625 (+0.25); Milk: $18.06 (+0.05)  (Wed pm)

CME GRAINS:   Corn: $5.72 (+5.00); Soybeans: $12.2825 (+11.00); Wheat: $7.785 (+4.75); Cotton: $109.39 (-2.26)     (Wed pm)

STOCK FLASH:  Dow 30: 34,022.04 (-461.68); Nasdaq: 15,254.05 (-283.64); S&P 500: 4,513.04 (-53.96)   (Wed pm)

MEATBOARD:    Boxed Beef Choice: $270.22 (-1.46); Pork Carcass: $82.37 (-4.33); Chicken Breast: $188.64 (+0.01)    (Wed pm)

BOXED BEEF:   Choice: $270.22 (-1.46); Select: $257.97 (-2.32); Ch/Se Spread: 12.25; Total Loads: 227 compared to 199 on Tuesday   (Wed pm)

Beef in cold storage up 9% from last month

Total red meat supplies in freezers were up 1 percent from the previous month but down 3 percent from last year. Total pounds of beef in freezers were up 9 percent from the previous month but down 5 percent from last year. Frozen pork supplies were down 6 percent from the previous month and down 2 percent from last year. Stocks of pork bellies were down 10 percent from last month and down 39 percent from last year.

United States Cattle on Feed Down 1 Percent

Cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.9 million head on November 1, 2021. The inventory was slightly below November 1, 2020.   Placements in feedlots during October totaled 2.25 million head, 2 percent above 2020. Net placements were 2.19 million head. During October, placements of cattle and calves weighing less than 600 pounds were 575,000 head, 600-699 pounds were 500,000 head, 700-799 pounds were 470,000 head, 800-899 pounds were 425,000 head, 900-999 pounds were 190,000 head, and 1,000 pounds and greater were 85,000 head. 

Cattle Trade:   Mostly inactive on light demand

Thus far for Wednesday negotiated cash trading has been mostly inactive on very light demand in Kansas and the Western Cornbelt. Not enough purchases for a market trend. Negotiated cash trading has been at a standstill in all other major feeding regions. Last week in the Southern Plains and Colorado live purchases traded at 140.00. In Nebraska, live and dressed purchases traded from 136.00-140.00 and at 217.00, respectively. In the Western Cornbelt live and dressed purchases traded from 135.00-140.00 and from 213.00-217.00, respectively.

National Drought Monitor

In addition to the massive drought in the West and into the Plains/Upper Midwest, a few other areas of high concern have appeared. Conditions are quickly deteriorating in the South/Southeast and Hawaii. As of November 23, 2021, 42.3% of the U.S. and 50.5% of the lower 48 states are in drought.

CATTLE SLAUGHTHER:  USDA estimates daily cattle slaughter at 122K head, compared to 121K last week and 119K last year. WTD slaughter at 365K head, compared to 365K last week and 359K last year (Wed)

THE BEEF READ:   Rebound... From the looks of the strength in the summer contract months, managed funds are adding to length further out in 2022. December LC, after gaining big on other contracts the last few days, is losing on the spread (The Beef) 

DAILY DROP:   The hide and offal value was estimated at $14.73, unchanged from Tuesday

Rob Cook,